Upward
Overview
Upward is a Seattle-based fintech startup founded in 2021 by former Remitly executives Aaron Gregory and Danielle Hill. The company specializes in providing fintech infrastructure that enables businesses to embed payments, cards, and banking products seamlessly. Upward aims to facilitate financial innovations without the need for multiple vendor integrations, making it easier for businesses to launch and manage financial products. The company has successfully raised $12 million to date, most recently securing $8 million in a Series Seed+ round.
Recent Developments
- November 2025: Upward announced an $8 million funding round co-led by Dundee Venture Capital and Breakwater Ventures Fund, with participation from several other investors including Techstars and Altari Ventures. This round signifies a major step in expanding Upward's fintech infrastructure capabilities. (Source)
- November 2025: The company partnered with Mastercard to enable its customers to quickly launch Mastercard-branded card programs. This partnership offers access to Mastercard’s Easy Savings and Business Builder programs. (Source)
- 2025: Upward revealed its processing volumes of over $10 million in monthly payments, setting the stage for future growth and partnerships with businesses like TipHaus and Solo, which are embedding money-management services for independent workers using Upward’s infrastructure. (Source)
- October 2025: In aligning with the trend of embedded finance, Upward continues to refine its platform to support various sectors, including the gig economy and creator markets, tapping into an addressable market estimated at about $185 billion. (Source)
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2021 |
| Headquarters | Seattle, Washington, USA |
| Founders | Aaron Gregory, Danielle Hill |
| Revenue | Processing over $10 million monthly |
| Key Investors | Dundee Venture Capital, Breakwater Ventures Fund, Techstars, Altari Ventures, Cascade Seed Fund |
| Industry | Fintech/Financial Infrastructure |
| Number of Employees | 20 |
Early History
Upward was formed in 2021 by Aaron Gregory and Danielle Hill, who were key executives at Remitly, the digital remittance giant. Their experience at Remitly, including taking the company public, provided them with industry insights and expertise necessary to start Upward. The idea was to create a streamlined fintech protocol that could simplify how businesses offer financial services. Initially, their focus was on filling the gaps that traditional banking-as-a-service providers left, particularly for independent contractors and small businesses. They immediately started building an API-driven platform that combined essential financial services, avoiding the need to manage numerous third-party integrations.
Company Profile and Achievements
Upward’s primary business model revolves around offering a fintech infrastructure that simplifies financial product offerings for businesses. Through its platform, companies can launch customized payment solutions, and its comprehensive compliance solutions reduce the complexity traditionally involved in such rollouts. Key achievements include:
- Strategic partnership with Mastercard enabling rapid deployment of card programs.
- Securing notable clients in the Seattle area, including TipHaus and Scout.
- Transforming how financial products are developed and rolled out by focusing on flexibility, innovation, and speed.
- Established credibility in the fintech space with a stable monthly transaction volume of over $10 million.
- Successfully completed significant funding rounds since inception, with considerable investments from major venture capital firms, indicating strong market confidence and future potential.
Current Operations and Market Position
Currently, Upward is positioned as a notable player in the emerging embedded finance market. Their solutions target independent workers and small businesses, providing them easy access to tailored financial services. Competitively, Upward distinguishes itself by offering an integrated, all-in-one platform that simplifies financial services deployments, reducing time to market for businesses. The combination of their recent funding and strategic partnerships enables Upward to maintain a competitive advantage in the fintech ecosystem. As the demand for embedded finance solutions grows, Upward is well-placed to capitalize on increasing market opportunities, leveraging its strategic alliances and firmware improvements.
Conclusion
Upward represents a significant innovation in fintech by streamlining the deployment of financial services across sectors traditionally neglected by larger financial institutions. With its strategic vision and recent investments, Upward has positioned itself to drive further developments in embedded finance. Looking forward, as Upward continues to enhance its platform and expand its market reach, it could significantly impact how businesses in various sectors deliver financial services, potentially redefining fintech infrastructure standards.